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    Daiwa Europe’s market-leading research on the Japanese economy.

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    Daiwa’s research coverage of the euro area and UK economies.

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    Daiwa’s coverage of the US economy from our colleagues in New York

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2023

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  • US Data Review

    US Data Review

    14 March 2023 152 KB PDF
    • CPI: underlying inflation remained brisk in February
  • European Banks - Credit Update

    European Banks - Credit Update

    14 March 2023 1272 KB PDF
    • SVB collapse in part rooted in pandemic deposit-boom and mismanaged securities portfolios
    • Delayed Credit Suisse annual report raises further questions on its ability to clean house
    • Primary markets for FIGs and SSAs were highly active at the beginning of the week but sentiment soured as markets were grappling with the SVB fallout
    • Secondary market spreads mixed in EUR and wider for USD but expectations for further hikes have been curtailed somewhat, most notably in the U.S.
  • Euro Wrap-up

    Euro Wrap-up

    10 March 2023 578 KB PDF
    • As investors responded to signs of financial stress at SVB, Bunds followed USTs sharply higher, while final German inflation data for February provided no surprises. 
    • Gilts also rallied hard despite a modest upside surprise to UK GDP growth in January.
  • US Economic Comment

    US Economic Comment

    10 March 2023 285 KB PDF
    • Labour market: hints (but only hints) of supply/demand rebalancing
    • Interest rates: a long-term perspective
  • US Data Review

    US Data Review

    10 March 2023 211 KB PDF
    • Employment: brisk payroll growth in Feb after a surge of 504,000 in January
    • Wage growth: subdued increase
  • US Data Review

    US Data Review

    8 March 2023 226 KB PDF
    • Trade balance: nominal goods deficit narrows slightly; services surplus narrows
    • Job opening: down in January, but signaling still-firm demand for labor
  • Euro Wrap-up

    Euro Wrap-up

    8 March 2023 274 KB PDF
    • While German IP data beat expectations, Bunds followed USTs higher as euro area Q4 GDP growth was revised down, German retail sales continued to decline, and an ECB dove restated the need for policy to be data-dependant and determined on a meeting-by-meeting basis.
    • Gilts also made gains as a survey pointed to a further moderation in UK jobs growth.
  • European Banks - Credit Update

    European Banks - Credit Update

    6 March 2023 1260 KB PDF
    • European Green Bond Standard takes shape as co-legislators reach political consensus and compromise on key details.
    • Limited primary market activity among SSAs, while FIGs continue to front-load funding requirements in a relatively conducive market.
    • Secondary market spreads continued to widen in EUR as the market expects more rate hikes in the near term, while USD spreads tighten slightly.